Major Service Changes In SBI & Axis Bank From July 1, Learn How They Will Affect Account Holders

Two big banks of the country are changing their charges. If you have an account with these banks, then the changes in charges are going to hurt your pocket.

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From July 1, two big banks of the country are going to make changes in their charges. If you have an account in these banks, then the changes in their charges are going to hurt your pocket. The two banks are the State Bank of India and the Axis Bank. Let us discuss the changes that will happen on July 1.

Changes in SBI Charges

• The new service charges for a Basic Savings Bank Deposit (BSBD) account will be applicable from July 1, 2021.
• The new charges will be applicable for ATM cash withdrawals and the use of chequebooks.

Cash Withdrawal

• Cash can be withdrawn from the BSBD account 4 times a month (including ATM and branch) for free.
• After this, SBI will charge you for cash withdrawals.
• Rs. 15 + GST will be charged per cash withdrawal (branch/ATM).
• Apart from SBI ATMs, the same charge will be applicable for withdrawals from ATMs of other banks, too.

Chequebook

• SBI's BSBD account holders will get the first 10 cheques in a financial year for free.
• After this, you will have to pay for chequebooks in the following way: Rs. 40 + GST for 10 cheques, Rs. 75 + GST for 25 cheques, and Rs. 50 + GST for an emergency chequebook with 10 cheques.
• Senior citizens are exempted from the new service charge on chequebooks.

Transfer and Non-Financial Transactions

• If BSBD account holders do non-financial transactions through a branch/ATM/CDM, no charges will be levied. These transactions can be done from SBI ATMs or through any other bank ATMs.
• There will also be no charge for transfer transactions through bank branches and alternate channels.

The Following Changes Will Happen in Axis Bank

• The fee for SMS alerts will increase from July 1, 2021.
• At present, the value-added SMS fee is Rs. 5 per month on a subscription basis for select Value Added Services Alerts.
• From July 1, 2021, customers will have to pay 25 paise per SMS for SMS alerts.
• The maximum SMS alert fee will be Rs. 25 per month.
• This charge will not be applicable to promotional messages and OTP alerts sent by the bank. 

These accounts will be out of the purview of the increased SMS alert fees

According to the bank, Burgundy, Burgundy Private, Priority, NRI, Trust, and Government Accounts, Defense Salary Accounts, Staff Accounts, Small and Basic Accounts, Pension Accounts and Select Salary Relationship Accounts will be out of the purview of the increased SMS alert fee.